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Desert Mountain provides coverage that includes, but is not limited to:
No state has more evidence of the power of geological forces than Arizona. While the Grand Canyon shows the awesome ability of glacially slow geological forces of running water to carve deep crevasses, it has also faced the abrupt and unexpected affects of shifting tectonic plates and the trembling results of earthquakes. From the incredibly slow to the sudden, Arizona faces all types of natural geological wonders. Does your insurance policy cover these events?
Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary Arizona homeowners insurance policies do not cover earthquake loss.
Too many residents in earthquake-affected areas think they could rely on Federal Emergency Management Agency (FEMA) funds should their home or business be significantly damaged or destroyed by tremors. Affected homeowners may qualify for low-interest loans offered by FEMA through the Small Business Administration. But these loans are not free money; homeowners are obligated to pay them back, and they are entered in your personal net worth statement as a liability, offsetting an equal amount of assets.
With earthquake insurance, you are not obligated to repay the reimbursement you receive for covered damages.
Earthquake insurance provides coverage if your home is damaged by an earthquake. Standard homeowner and renters policies will not cover earthquake damage. Earthquake insurance is a separate endorsement you must buy and add to your homeowner or renters policy.
An earthquake endorsement generally excludes damages or losses from floods and tidal waves – even when caused or compounded by an earthquake. However, if you experience a loss due to a landslide, settlement, mudflow, or the rising, sinking and contracting of earth, your endorsement may cover it if the damage resulted from an earthquake.
There are several options to consider when purchasing earthquake insurance from Arizona insurance providers, including:
Homes that are located directly over or near a known fault line have the highest risk of damage, and policies for these homeowners often come with high premiums.
There are ways that these homeowners can reduce their costs and find lower quotes. Homes that are made of wood generally cost less to insure than those made of brick. This is because wood-constructed homes are more flexible and can better withstand the jarring motions caused by an earthquake. Homeowners can often receive lower quotes by retrofitting their homes to make them better able to withstand an earthquake. This can be done by securing the structure to the foundation and installing a sprinkler system in the home.
Content above courtesy of Trusted Choice
Content above courtesy of FEMA and NFIP